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Demand for non-life insurance: A cross-country analysis

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Author Info
Hiroyuki Nakata (Department of Accounting and Finance, Management, University of Essex)
Yasuyuki Sawada (Faculty of Economics, University of Tokyo)

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Abstract

A number of existing studies on insurance demand report an apparently pathological result that insurance is a luxury good. Using cross-country insurance data and national wealth data, we resolve this spurious puzzle. While we found that the income elasticity of insurance demand is larger than unity, the wealth elasticity of insurance demand is smaller than unity at least for upper-middle and high wealth countries.

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File URL: http://www.e.u-tokyo.ac.jp/cirje/research/dp/2007/2007cf461.pdf
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Publisher Info
Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-461.

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Length: 11 pages
Date of creation: Jan 2007
Date of revision:
Handle: RePEc:tky:fseres:2007cf461

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  1. Michael Lokshin, 2006. "Difference-based semiparametric estimation of partial linear regression models," Stata Journal, StataCorp LP, vol. 6(3), pages 377-383, September. [Downloadable!]
  2. Deininger, Klaus & Squire, Lyn, 1996. "A New Data Set Measuring Income Inequality," World Bank Economic Review, Oxford University Press, vol. 10(3), pages 565-91, September.
  3. Hidehiko Ichimura & Petra E. Todd, 2006. "Implementing Nonparametric and Semiparametric Estimators," CIRJE F-Series CIRJE-F-452, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
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  4. King, Robert G & Levine, Ross, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 717-37, August. [Downloadable!] (restricted)
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